3i invests in Go Outdoors

City A.M. Reporter
GO Outdoors yesterday secured a £28m cash injection from private equity house 3i as it accelerates its growth plans to open 40 new shops over the next four years.

The deal with 3i values the company at £100m.

In exchange for its investment 3i takes a minority stake in the business owned by Paul Caplan.

The announcement came after John Lovering, stepped down as chairman of the company after only eight months at the helm.

The outdoor equipment retailer, which is backed by Leeds-based YFM, reported a 57 per cent increase in turnover to £115m in the year ended January 2011.

The figures were boosted by the nine store openings during the year. Like-for-like sales across the entire company grew by 10.6 per cent, while online sales grew by 45 per cent, it said.